Implementation of International Financial Reporting Standards IFRS
The shift to IFRS is a reality, so companies must be aware that require a transformation involving employees, processes, and systems to implement the IFRS and the new regulations.
The implementation of IFRS leads to ongoing training of accountants in the new international standards because these and their interpretations change over time, allowing them to update accounting policies and evaluate the impacts on the financial statements of the companies based on the new international standards established by the International Accounting Standard Board (IASB) through the following processes:
- Assessment and implementation of IFRS for the first time
- Assessment and implementation of new IFRSs in force
- Personnel training.
- A planned and duly managed conversion and update can present substantial improvements in the performance of the financial function, as well as better controls and cost reduction.
The new regulations and modifications in force for the financial statements that require monitoring and analysis by the Companies having already implemented these standards:
Norm or modifications | Effective date |
|---|---|
IFRS 9 Financial Instruments
| January 2018
|
IFRS 15 Revenue from Ordinary Activities from Customer Contracts
| January 1, 2018 – However, according to a resolution issued by the Accounting
Standards Board No. 005-2017-EF / 30, the application for entities with an
annual filing period beginning on January 1, 2019 is postponed |
IFRS 16 Lease
| January 1, 2019
|
IFRIC 23 Uncertainty about Tax Treatments
| January 1, 2019
|
Modifications to Standard IFRS 9 – Advance Payment Features with Negative Compensation | January 1, 2019
|
Modifications to Standard IAS 28 – Long Term Participations in Associates and Joint Ventures
| January 1, 2019
|
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